The JIFS/JBA 2019 Anti-Fraud Seminar

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Kingston Jamaica, June 19, 2019

Keynote presenter and Director of Prosecution at the National Integrity Commission, Dirk Harrison addressing participants at the ‘Managing Fraud in a Digital World’ seminar held yesterday June 19th, encouraged a ‘Focus on solution-oriented fix, rather than a problem-oriented fix”, in his address Mr. Harrison also recommended the establishment of ‘systems which seek to detect, prevent or curtail unlawful acts’…with the presence of a ‘law enforcement or investigative  apparatus with teeth, sufficiently   resourced  with experts with the requisite technical skill sets, a judicial system and process, that is evolving up to the time, real time’. 

The 2019 annual Anti-fraud seminar, under the theme ‘Managing Fraud in a Digital World’  was hosted by the Jamaica Institute of Financial Services (JIFS) in association with the Jamaica Bankers Association (JBA), was attended by over 100 participants ranging from commercial banks, credit unions, audit firms, insurance companies, public sector entities, and the petroleum and cannabis industries.  The seminar is considered timely as the industry grapples with an increase in e-fraud attempts such as phishing and spoofing which have the potential to undermine activities to improve access to digital financial services in line with international trends, which could potentially have serious implications for economic growth targets, transnational business transactions and relevance. 

Seminar presenters Damian Small - Director of Corporate Security at Scotiabank; Nicola Whyms-Stone – Legal Counsel within the Group Legal and Compliance Division of NCB; along with international presenters,  President of Diligent eSecurity (Atlanta) - Kirk Chambers, and John Lopez of 3VR, provided participants with practical tips of mitigating  fraud from a personal and corporate standpoint, and highlighted the tremendous opportunities that lie in the use of machine learning and artificial intelligence as well as video surveillance to appropriately and effectively manage fraud, reducing time for investigations and potentially discouraging fraudulent activities entirely.

A solution-oriented fix to successful and safe digital banking would need to employ a combination of strategies that inspire trust and transparency with clients, and create awareness of the various social engineering tactics used by criminals to gather data, while ensuring that ‘fraud prevention and detection is an organizational objective’.

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